The price of Bitcoin (BTC) and other cryptocurrency assets suffered a scare as the price of Bitcoin nosedived to a low of $24,800 after consolidating for weeks below $30,000 as many traders and investors hoped for a rally to a high of $35,000.
The news of SpaceX selling their Bitcoin holding and China’s Evergrande were huge catalysts of the crypto market suffering a scare as traders and investors speculate if the price of Bitcoin, Ethereum, and other top 5 altcoins (XRP, BNB, MATIC, DOGE, SOL) could suffer more.
The heat map above shows the cryptocurrency market could be gearing up for a short relief bounce after suffering a short decrease in the crypto prices leading many to wonder if this could spark a fresh price drop to a region of $20,000 for BTC.
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Bitcoin’s price drop to a low of $24,800 led to many liquidations of over $45 Millions of assets lost across different exchanges within a few hours, as shown in the chart below.
The price of Bitcoin could still face a minor drop to a region of $24,000, acting as a strong support region for bulls and demand zone from past price performances for Bitcoin. Bitcoin’s price retesting in this region is good for the market as long positions will be filled to drive price in favour of the bulls.
If the price of Bitcoin (BTC) loses the region of $24,000, acting as a strong area of interest, we could see bears take more control of the BTC/USDT price as the price could retest the region of $20,000.
BTC/USDT must reclaim the region of $27,700 for the price to eye yearly levels of $32,000.
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Ethereum’s price continues to look less inspiring for bulls as the price of ETH/USDT sits just above minor support of $1,650 as bulls need to hold this region to prevent further price drop to a region of $1,550-$1,400 acting as demand zones.
Despite the current uncertainties surrounding the cryptocurrency market, let us examine some top 5 altcoins (XRP, BNB, MATIC, DOGE, SOL) that could show promising signs ahead of a new week as traders and investors could look to make good returns.
Weekly Top 5 Altcoins – Solana (SOL) Daily Price Analysis
The price of Solana (SOL) has struggled to break past the region of $32 after bulls pushed the price of SOL/USDT to a high of $32, showing some great price action as the price dominated bears with much speculation of price rallying to $50.
After rallying to $32, SOL’s price faced a strong price rejection from bulls as the price of SOL/USDT dropped to a region of $24, where the price showed less momentum to rally higher or bears dominating its price.
The sudden drop in the crypto market led to the price of SOL/USDT losing its key support of $24 as bears pushed the price of SOL/USDT to a low of $20, acting as a key demand zone for the price of SOL/USDT.
SOL’s price needs to reclaim the region of $23, which corresponds to the 23.6% Fibonacci Retracement value (23.6% FIB value) above the 50-day Exponential Moving Average (EMA), indicating a bullish price reversal for SOL/USDT.
If the price of SOL/USDT continues to trade below its 50-day EMA, this will indicate the bear is still in control of the price with minimal price reversal.
The Moving Average Convergence Divergence (MACD) looks bearish on the daily timeframe for SOL/USDT suggesting bears still dominate the price of SOL/USDT, and the price needs to show more strength to the upside to change the trend.
Solana’s Relative Strength Index (RSI) trades below the 40-mark area, suggesting low buy orders and volume for the price of SOL. If bulls reclaim $23 for SOL/USDT, it would be a change in trend from bearish to bullish.
Major SOL/USDT support zone – $20
Major SOL/USDT resistance zone – $32
MACD trend – Bearish
Binance Coin (BNB) Daily (1D) Price Analysis
The price of Binance Coin (BNB) has had a rather tough bear market as the price has dropped from an all-time high of $686 to a low of $210 and bounced up from this region of its yearly low as bulls pushed the price of BNB coin higher.
BNB’s price has suffered with over 60% drop from its all-time high and the spread of different news about fear and uncertainty (FUD); these have negatively influenced the price of BNB even lower to its yearly low of $210.
The price of BNB/USDT rallied to a high of $350 but could not sustain this rally as the price of BNB/USDT was rejected by bears as bulls struggled to form strong support above this region.
BNB’s price dropped to a low of $230, where it was from support as price consolidated around this region before its next major move either to the upside or downside. The price drop in the market acted as a catalyst for the price of BNB as the price broke to the downside of its ascending triangle.
The breakout to the downside gave bears more opportunity to push the price of BNB/USDT to its yearly low of $210. If the price of BNB holds above this region, we could see the price retesting the high of $240, acting as resistance, corresponding to a 23.6% FIB value.
Bears dominate the MACD indicator for BNB shown in price, while its RSI on the daily timeframe indicates the price is oversold. The price of BNB/USDT is retesting $240, and a break above this region could mean the price rallying higher.
Major BNB/USDT support zone – $210
Major BNB/USDT resistance zone – $240
MACD trend – Bearish
Ripple (XRP) Price Analysis as a Top 5 Altcoin to Watch
After winning its lawsuit a few weeks ago, the price of Ripple (XRP) rallied to a high of $0.93, sparkling talks of bulls coming back sooner than expected, and the price of XRP/USDT hitting above $1.5.
The price of XRP/USDT has fallen short of the expectations of traders and investors as the price of XRP was rejected from its yearly high of $0.93 as bears expressed their strength to push the price of XRP/USDT lower.
XRP’s price saw price rejected to $0.68, just above its 50-day EMA, but the price failed to hold above this region as the price flipped this region into resistance by bears.
The price of XRP/USDT has since struggled below the 23.6% FIB value to show promising signs of a major rally. The price of XRP/USDT needs to close above $0.68 to resume its bullish price rally.
XRP’s price needs to break past its range of $0.55 for the price to retest the high of $0.68. A break and close below this range could see bears pushing the price of XRP/USDT to $0.35.
The daily RSI for XRP/USDT looks oversold as bulls need to step in for the price of XRP to have a relief bounce, while its MACD shows bearish price dominance for XRP.
Major XRP/USDT support zone – $0.45
Major XRP/USDT resistance zone – $0.55 – $0.65
MACD trend – Bearish
Polygon Matic (MATIC) Daily Price Analysis
Polygon Matic (MATIC) has struggled to complement its great project this year and has huge investor backing as the price of MATIC/USDT suffered a price decline from its yearly high of $1.5 and has remained in a downtrend.
The loss of $1.2 support for MATIC/USDT has led to bears dominating price to a low of $0.6 as the price of MATIC bounced from this area, acting as a support zone and area of demand for investors.
Bulls pushed the price of MATIC from $0.6 to $0.9 as the price failed to flip $1 into support which corresponds to the 38.2% FIB value acting as resistance for the price of MATIC.
The price of MATIC losing the support of $0.6 as price trades below this region becomes an issue for bulls as bears could take advantage of this and push the price to a low of $0.4.
MATIC currently trades below its 50-day EMA, MACD indicates a bearish price trend, and the RSI continues to trade in an oversold region as traders expect bulls to savage this price drop.
We could see a minor relief bounce for MATIC and other top 5 altcoins bounce to a high of $0.75 before evaluating further where the price could be headed.
Major MATIC/USDT support zone – $0.4
Major MATIC/USDT resistance zone – $0.75
MACD trend – Bearish
Dogecoin (DOGE) Price Chart Analysis
Dogecoin’s (DOGE) price dropped from a high of $0.085 after showing signs of price breaking out from its bullish ascending triangle as it failed to meet its expectations.
Rumors about X ( formerly Twitter) incorporating DOGE as a payment means for influencers have had little to no effect on the price of DOGE/USDT as bears continue to show their prowess driving the price in a downtrend.
The sharp decline in the market over the past few days has contributed to the price of DOGE breaking below its key support of $0.07, corresponding to 23.6% FIB value and its 50-day EMA acting as support regions.
DOGE needs to hold its price above $0.06 to avoid bears pushing prices lower than expectations as MACD and RSI continue to indicate a bearish price trend for DOGE as bulls would aim for a relief bounce in the coming days or weeks.
Major DOGE/USDT support zone – $0.06
Major DOGE/USDT resistance zone – $0.075
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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